Some women suffer from an almost pathological fear and anxiety of running out of money, losing savings, and ending up homeless on the streets without a roof or shelter.

This condition is known as "bag lady" syndrome, and women suffer from it more than men, but why do some women develop this syndrome?

How can it affect their mental and physical health?

And how can it be avoided?

What does "bag lady" syndrome mean?

The "bag lady" syndrome, first defined in the 1970s, describes some middle-aged women feeling they will spend all their savings, become homeless, and carry their remaining possessions in plastic shopping bags, according to USA Today. (Usatoday).

Intense anxiety about the financial situation is very common among women, and a 2015 American Psychological Association study revealed that women reported higher levels of stress about money than men.

The study, Spending Our Health, showed that nearly a third of the women surveyed worried about finances all or most of the time, and almost half reported stress in struggling to pay for the basics of life.

Why do women fear more?

Many people fear not being able to save enough money to retire with a good life after many years of work, but women fear more than men.

Lance Drucker, financial expert and author of "How to Avoid Bag Lady Syndrome ... A Strong Woman's Guide to Financial Peace of Mind," explains that there are differences between men and women that make the latter feel more afraid of financial security or even express it.

In his statements to Forbes, the financial expert and president of Drucker Wealth Management says that women usually live longer than men, and they usually receive lower wages than men, so they have fewer opportunities to save money.

The second difference, according to Drucker, is that many women leave the workforce for a period of time in order to become pregnant, have children, and take care of children, which inevitably affects their financial security, in addition to cases of divorce and widowhood that make women in the financial situation alone.

However, Drucker believes that some men also feel apprehensive about their future financial situation but at the same time feel difficult to admit it, while "women have no problem saying I'm confused about money. I don't trust anyone."

Many women fear that their lives will end up homeless in the streets without a roof or shelter (Pixaby)

How does fear affect you?

Anxiety and fear of developing "bag lady" syndrome includes women of different age groups and socioeconomic statuses.

It extends at similar levels among widows, divorcees, married women and unmarried women, but it is more effective whenever the financial situation is more difficult or if the woman is the breadwinner of the family.

According to the Silver Century Foundation (Silvercentury.org), anxiety can erode a woman's mental and physical well-being, put pressure on her human relationships, affect her career, and make her feel lonely.

From a health standpoint, these financial concerns may affect a good night's sleep.

This may lead to chronic stress and high blood pressure, worsen heart and digestive problems, weaken immunity and cause migraines, as well as contribute to depression and anxiety.

What do you do?

When stressed or afraid, people tend to make bad decisions that may affect their lives in the long run.

The financial planning company, ClarityWealthDevelopment, offers a number of tips to avoid falling into the "bag lady" crisis, including:

  • Start organizing spending

Small steps, such as budgeting, cutting spending, increasing the amount a woman saves each month, and doing annual financial reviews, can effectively help her feel in control, which is so important in dealing with money.

A good balance between spending and saving can relieve stress and give self-confidence (Pixels)

  • Personal search and self-reliance

It is good to talk with another person who specializes in financial matters to secure future financial plans, but it is also important for the woman to participate herself in the planning and decision-making process, which may contribute to her feeling of security.

  • Avoid remorse

Being careful is a good thing in financial matters, but excessive reservation due to fears that a woman will lose everything can make her feel regret.

A good balance between spending and saving can relieve stress and give you self-confidence.

  • Communication with specialists

Sometimes a woman's financial life may become more complicated with her possession of a large amount of money, whether that money is the result of work, inheritance or assets.

And if a woman is not sure what to do or how to manage that money on her own and finds herself procrastinating in making financial decisions, she can resort to a financial advisor or accountant who specializes in managing your money.

  • Maintaining relationships

Maintaining family relationships and friends, is very essential in a woman's life as they are the safety nets around her.

It is important to constantly communicate and allocate time for family and friends, as they may be the fortress of safety during unexpected surprises such as job loss and financial security.